On September 23, Bitcoin layer 2 protocol ZULU Network announced its seed round of financing, with investors including Draper Dragon, Web3.com Ventures, CGV, PANONY, D11 Labs and other venture capital institutions. ZULU is an innovative Bitcoin layer 2 protocol that seamlessly integrates the EVM (Ethereum Virtual Machine) layer and the UTXO (Unused Transaction Output) innovation layer.
ZULU Network's groundbreaking architecture sets a new standard for scalability and interoperability in the Bitcoin ecosystem. By combining the strong security of the Bitcoin blockchain with the versatility of EVM compatibility, ZULU Network enables developers to build decentralized applications (dApps) leveraging the strengths of both Bitcoin and Ethereum networks. In addition, its UTXO innovation layer introduces advanced transaction capabilities, improving the efficiency of Bitcoin transactions.
“This funding will accelerate our development efforts and help us bring our innovative protocol to market, allowing developers and users to experience the true potential of Bitcoin’s second-layer functionality,” said Eric Lifson, co-founder of ZULU Network. “We are excited to welcome such outstanding investors who share our vision for a more general and scalable Bitcoin ecosystem.”
The seed round funds will be used to strengthen ZULU Network's development team, drive marketing efforts, and expand community engagement initiatives. With this investment, ZULU Network aims to improve its protocol, strengthen security measures, and provide smoother integration for developers and users.
Draper Dragon was founded by famous investor Tim Draper in 2006, and their participation has added more exposure to ZULU Network. Draper Dragon is a leading venture capital firm known for supporting forward-looking projects in the cryptocurrency space, having invested in Coinbase, Ledger, Gemini, CoinDCX and other well-known projects and companies.
CGV FoF is an Asian fund of funds (FoF) that focuses on investing in crypto funds and crypto studios. CGV FoF is composed of family funds from Japan, South Korea, mainland China and Taiwan, headquartered in Japan, with branches in Singapore and Canada. The companies they invested in include Unisat Wallet, Bitget, Mezo, Metis, and Casper Labs.
Web3.com Ventures is a Web3 investment firm that focuses primarily on equity/cryptocurrency investments. Some of their portfolio companies in the Bitcoin ecosystem include Build on Bitcoin (BOB), Bontanix, Babylon, OYL, etc.
PANONY was founded in 2018, and its founding team has more than 10 years of experience in the Asian blockchain industry. PANONY is headquartered in Hong Kong, and its team of more than 30 journalists, strategists and consultants are also located in major Web3 regions such as China, South Korea, and Singapore. Its investment or cooperation companies include Binance, OKX, Polygon, Render, etc.
ZULU Network's vision is to "drive Bitcoin forward," combining the power of Bitcoin with the flexibility of EVM-compatible technology to create a decentralized framework focused on tokenized computing power and physical infrastructure. As it grows, the team is committed to fostering an inclusive and vibrant developer community, providing the necessary tools and resources to build unique applications driven by its innovative protocol.
